Really Late on Auto Loan, What can my friend do?

Really late on loan, he was in the hospital for over 6 months ect. In a motorcycle accident, lost job and moved out of state.





Now hes settled again and put back together.


He have already negotiated all other debt. He hasn't called his auto finance company yet. I was wondering if they would reset his loan or if he could offer a lower pay off. He owe about 19k would they settle for like 6k or something. Any ideas? Please no negativity just helpful solutions.

Really Late on Auto Loan, What can my friend do?
He may be able to work out a deal where they add the missed payments to the end of the loan, but they will not settle the account for less than what he owes.





If he still has the vehicle, he needs to send in a payment today!! If the bank accepts the payment, they can not repo the car for a month! This will give him a little time to try to work out a repayment schedule with the bank!





He should have been in contact with them as soon as he knew he was not going to be able to make the payments, but hindsight is 20/20
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Reply:I doubt they will take a lower payoff.
Reply:Well the bad news is the car is most likely up for repossession, so if they drive it make sure someone stays in the car. (they cant take it with someone is in it) Loan company does not want the car they want the money, The best thing to do is contact the company, explain the situation, be kind, keep your calm, I suggest not moving the car from a garage (they cant take it from out of a garage). Most likely they will want payments up to date, and no they will not take that much of a reduce price. Good luck to your friend
Reply:hai...


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Reply:Where is the car? They will only settle for a lower amount on the loan if they have repo'd the vehicle. They will NOT let him keep the car and pay less than half of what he owes.